Legal

Legal expertise when you need it.

Solicitors’ Accounts Rules — As Reporting Accountants, we are experienced in the requirements of the Solicitors Regulation Authority.

Hitting targets.

We understand the recent changes made to the rules, how solicitors are affected by them and the commercial outlook for the legal profession. Our experienced team are able to assist you in the understanding of the rules and the reporting requirements. Our experts are aware of current developments in the legal sector and through our proactive approach, we inform our clients of any issues that may affect them. We can make sure that you have the right systems for recording transactions. We can also help you tighten up your processes and systems to reduce the risk of errors. 

Our services to legal firms include:

  • Full compliance services, including client money audits, taxation and financial accounts
  • Tax planning
  • Strategic planning — e.g. mergers and acquisitions
  • Profit maximisation

In addition, we can support legal firms through:

  • Technical support for trust accounts and tax returns
  • Client support — tax planning

Business structures.

More and more legal practices are becoming LLPs or Limited companies. Revising your business structure can give you more freedom in terms of ownership, making external investment easier and freeing up partners to focus on client work.

We can advise you on the options and give you an assessment of whether it is worthwhile. If you decide to go ahead, we can guide you through the process of making the switch, including setting up remuneration systems.

Barristers

As a barrister, you may not have the time to manage your finances whilst taking care of all your clients and negotiating settlements. At SRC-Time, we can help with our accountancy services. There is a good chance that you are self-employed and so you will be looking for a way to make your accounting as straight forward as possible.

It can be difficult to manage your time when working as a legal professional, as you will be distributing your time between your clients and potentially making court appearances. Keeping on top of your finances, however, is important in any profession.

We can help you with all aspects of being self-employed, accounting, VAT and personal tax.